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Will spousal support be part of your divorce?

During your marriage, you and your spouse may have pooled your resources in order to keep up the lifestyle you enjoyed here in Connecticut. Now that you and your spouse have agreed to part ways, some financial adjustments will be necessary. Depending on the circumstances, you could either pay or receive spousal support as part of your divorce.

As you work to come to a resolution regarding alimony, you may need to gather more information about how it could affect your finances post-divorce. The tax ramifications of spousal support differ, depending on whether you receive it or pay it. If you pay it, you may be able to deduct it from your income taxes. If you receive it, the IRS considers it income, so you will need to add it to your gross income when you file your income taxes.

There may be ways to divide your assets that could limit the amount of alimony paid and, thus, lower the amount of taxes the recipient may need to pay. In fact, you may need to consider the tax implications of every asset that you and your soon-to-be former spouse will divide as part of your divorce. Many Connecticut couples end up in trouble because they fail to consider this area.

Whether you are looking at the issue of spousal support or are dividing assets, it would greatly benefit you to gain an understanding of the taxes associated with each asset, along with how your property division will affect you in the future. Without the whole picture, you could jeopardize your financial plans. An attorney who not only looks to help you with your short-term goals in your divorce, but your long-term goals as well, could provide you with invaluable assistance as you prepare for your new life.

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  • Thank you Jennifer for handling my divorce. Everything is going well. Get to spend lots of time so far with my boys that makes me happy. Thanks to you again; I wish you and your firm lots of success from this day forward. All the best.
  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
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